The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-09-04
Price. Si.O0. By Mail, si.i5.
DEP0SED OIL PRINCES.
The Glitter and Glory of the Oil Field Gives
Place to Empty Houses and Short Purses.

PITTsBURG. Sept. BIN few days the Penn
sylvania oil fields will be virtually idle. The
producers bankrupt and will shut off pro-
duction last and desperate chance of relief
The regions that have produced mill
ions upon millions of dollars worth
Of petroleum to-day little better
off than if the golden fluid had never been dis
covered. Sheriffs' sales the most conspicn-
GUS signs everywhere. Splendid residen ces that
were built by the lucky oil seekers in the palmy
days before 'e5 are the only indcati ons that
prosperity once ablded with the oil o roducers,
and even these are sadly out of repair, and the
once fortunate owner who found the roomy
mansion small for his swollen wealth, now
discovers that he has white elephant his
hands and is content to occupy two or three
rooms Of the dwelling. letting out the remainder
to dodgers. Men who formerly had an income
11 20 sVI ana UU say nv from their h wells
producers are running their wells a. a loss.
Hundreds of drillers tool dressel.s, bumpers
and rig carpenters out of work because al
most no new wells are going dowri, and those
now in operation are worked in tile most
nomical manner possible. Wages have not
covered low this hCs was eontnnss als
for another six months, thosie still engaged
in the oil business will quit it, many
hundreds have already done. Speculation is
paralyzed. Spectators have learned by sad
experience that. owing to the excessive storage
charges. they must clear % ptir cent on their
and driller they are engaging in other pursuits.
The magnificent western Pennsyvania ex
changes erected in the halcyon DAYS of dollar"
oil are now little attended, and in the vast emp
tiness the occasional bidder is startled at the
sound Of his own voice. The consumer for
years has been paving to t,he Standard Oil Com
pany for refined oil one-th ird more than it would
cost if the product ion and manufac-
ture of oil followed natural laws.
The consumer has really enriched
the great oil monopoly more than the producer,
but because the hand O.. extortion is laid lightly
upon him individually, he does not feel it.
few cents week from, each consumer makes
millions OF dollars for the Standard. With
excuse whatever, the STANDARD, in 1876 put up
the price of refined OF from l6 to 80 cents gal
Ion, and In 1850 1t ra .sed the price from to II
cents. In both instances the purchasing price
OF the crude oil remained the The
Standard buys at l'ss: price and sells at it's
own price. Other olnmodties cornered occa-
sonaly, but oil is IN chronic state of corner"
Should the STANG ard desire, there is moth
ing TO prevent Its putting the price of oil up to
80 cents a gallon. for at least six months, it
would be thas tin 20 before competition could be
developed 10 cut down the price. 1t rules the
home and for e;gn trade alike. The Russian
companies. ab oIlt which much has lately been
written. will pot be serious competitors of the
American M ynopoly for several years, even sup
posing that he quality of the oil is equal to the
Pennsylvan' a product. the cost of production
and transpo rration in Russia by present methods
is too great. to make the oil business in that
country pr ,ofitable.